(The Group’s Comments) Milaha Net Profit Climbs to QR 278 Million in the First Quarter of 2019

April 29, 2019

Profits: Qatar Navigation Company (Milaha) net profit for the first quarter of 2019 amounted to QR 278.3 million, after excluding minority interests, compared to QR 259.8 million for the same quarter of last year, an increase of 7%, while its earnings per share reached QR 2.45 for this quarter, versus QR 2.29 for the corresponding quarter of 2018.

Revenues: amounted to QR 707.2 million in the first quarter of 2019, compared to QR 697.8 million for the same period of last year, an increase of 1.3% and QR 9.4 million. This increase was due to marine services activities which climbed by QR 61 million, offsetting the drop in the revenues of logistics and commercial activities.

Operating Expenses: accounted for QR 492.8 million, compared to QR 495 million in the first quarter of last year. These expenses derive from multiple sources namely consumption, miscellaneous operating expenses, and salaries and bonuses, which constitute about 30% of the total operating expenses.

Milaha’s Share in the Results of Associates: climbed from QR 67.5 million in the first quarter of 2018 to QR 84.8 million for the current quarter. This item represent investments in Cargotec Qatar W.L.L., Iraq-Qatar Transport & Marine Services, United Arab Shipping Company, Nakilat, and some investments in Liberia. On the other hand, the company's share in joint ventures decreased by QR 8.1 million.

Comprehensive Income: Milaha recorded a valuation losses of about QR 324.6 million in the first quarter of 2019, compared to a profit of QR 147.5 million for the quarter of 2018.